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The university encourages the acquisition and presentation of quality works of art, and related endowments to support their display, care and preservation.

Purchases of artwork must be completed in accordance will all applicable state, NSHE and purchases of artwork must be completed in accordance will all applicable state, NSHE and university guidelines. Before artwork is purchased departments should ensure they have funds available for the ongoing maintenance of the works. Invoices and copyright documentation should be acquired from the sales agent with copies of the documentation sent to the Property Control office for record keeping.

Gifted artwork gifts must be solicited, accepted, processed, recorded, and acknowledged in coordination with the 51�ԹϺ��� Foundation in accordance with university policy to assure that the process protects the interests of both the institution and its donors.

The 51�ԹϺ��� Foundation coordinates the solicitation and processes all gifts on the university’s behalf, including gifts of tangible property. However, because the proper maintenance of art can be challenging, it is important that art collections are closely managed both before they are accepted as gifts, and afterwards.

Incoming loans of art pieces for display must be covered by a written agreement that includes the details for duration, placement, security, insurance, and return of the item when the loan is over. Title of loaned materials will remain with the lending department or person. The lender is responsible for removing the work at the end of the loan period and for working with the university to restore the venue to its pre-loan condition. The sponsoring unit planning to arrange a loan of artwork is responsible for advising the Office of Risk Management and Safety of the terms of the loan and scheduled exhibition dates.

In the event that the lender fails to remove the work as agreed or fails or refuses to reclaim it at the end of the loan period, the work shall be deemed to have been abandoned and shall become the sole property of the university. In that event the university may dispose of the work in any manner it deems appropriate without liability to the lender.

All purchased, gifted or proposed artwork must be “sponsored” by a university unit (college, department, or other administrative or academic unit of the university) who will act as the sponsoring unit. The sponsoring unit shall be responsible for cost and activities related to the display, care and preservation of the work(s) of art. The sponsoring unit in coordination with the 51�ԹϺ��� Foundation and donor(s) will agree to and execute a signed Memoranda of Understanding (MOU) to ensure the concerns of the donor, institution, and sponsoring unit are being protected.

All artwork valued over $5,000 will be capitalized in accordance with GASB 34 and placed on the fixed asset inventory of the sponsoring unit for tracking purposes.

The artwork must be reported to the Risk Management & Safety (RMS) department for insurance purposes, Property Control for inventory tracking, and Controller’s Office for initial recording purposes. The responsible sponsoring unit should provide information such as the value of the artwork, date of acquisition by 51�ԹϺ���, and the permanent location/building where the artwork is stored. In addition, support for the valuation such as an appraisal may be needed from the donor.

In the event the sponsoring unit is combined with another department, the gaining department becomes responsible for all of the artwork assigned to the gaining department. If department divided from a larger department it is the responsibility of the dean of the college to determine which artwork is the responsibility of the newly formed departments.

The process to dispose or deaccess art is the same process used to dispose of all other university property. However, if the art to be deaccessed was donated to the university, IRS guidelines, including donor notification if necessary, must be followed.

In accordance with GASB 34 funds obtained from the sale of art shall be used only for the purchase of other artwork or maintenance and conservation of the collection.